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Adani Wilmar made a subdued debut in the exchanges on Tuesday with a discount of little over 1 per cent to later rise sharply in the afternoon trade.

Notably, the company's initial public offerings were subscribed more than 17 times.

The issue size was Rs 3,600 crore with a price band of Rs 218-230 per share.

The shares opened at Rs 227, down 1.3 per cent from its issue price. However, later in the day it managed to rise sharply.

At 1.39 p.m, the shares were at Rs 261, up 13.6 per cent.

Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India.

The company is known for its wide range of offerings in edible oils comprising soya bean, sunflower, mustard, rice bran, wheat flour, rice, pulses, sugar among others.

The company has 22 plants in India, which are strategically located across 10 states, comprising 10 crushing units and 19 refineries.

"Adani Wilmar is debuting the secondary market with a minor loss against the expectation of listing gain of 10-15 per cent. Tepid listing of Adani Wilmar can be attributed to weak market sentiments otherwise fundamental and valuations were good for this IPO," said Santosh Meena, Head of Research at Swastika Investmart.

"Those who applied for listing gain can maintain a stop loss of 200 while long-term investors should hold it. New investors can also look at buying opportunities at initial weakness."